Rio2 Limited downgraded to Hold from Buy at Cantor Fitzgerald

Cantor Fitzgerald analyst Matthew O’Keefe downgraded Rio2 Limited (RIOFF) to Hold from Buy with an unchanged price target of C$2.50 after the company announced an agreement with Southern Peaks Mining to acquire its 99.1% interest in the Condestable copper mine located in Peru. The firm is “not overly enamoured with the deal” given the sparse details provided, “questionable timing” with Fenix not yet complete and the reduced leverage to precious metals it brings, the analyst tells investors.